LPP 255 Chapter Notes - Chapter 12: Estoppel
26 Jan 2014
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Chapter 12: consideration is broken down into 2 parts. In bilateral contracts, consideration consists of a promise in return for a promise: something of legally sufficient value must be given in exchange for the promise, there must be a bargained for exchange. A promise to do something that one has no prior legal duty to do: 2. The performance of an action that one is otherwise not obligated to undertake: 3. The refraining from an action that one has a legal right to undertake. Called forbearance: buyer has a promise to ship goods, seller has a promise to pay for goods. Both promises constitutes consideration for the contract. Example of unilateral: promise in return for performance: when you finish painting i will pay you. Adequacy of consideration law: concerns the fairness of the bargain, courts typically do not determine adequacy, parties have to decide worth of promises.
